Emirates Etisalat says it 'fully' backs Mobily probe

The Emirates Telecommunications Corporation (Etisalat) said it fully supports appointing an independent fact-finding committee to investigate the issues that led to the restatement of Mobily’s financial reports.

Etisalat— which owns 27 percent of Mobily, Saudi’s second largest telecom operator— said it will not absolve any executive or employee found responsible of wrongdoing until the investigation is conducted, according to its statement.  

Mobily suspended its chief executive Khaled Al-Kaf last month until an audit committee could submit its reports to the board in order to determine the factors behind the errors reported in financial statements for 2013 and the first half of 2014.

The company placed Al-Kaf’s deputy Serkan Okandan in charge pending an investigation into the accounting errors.